Wednesday, August 10, 2016

More homeowners taking loan modifications, avoiding foreclosures 8-17-2016The mortgage industry completed over 100,000 permanent modifications during the second quarter, according to HOPE NOW, the voluntary private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Of the 100,000 loan modifications, about 69,000 homeowners received proprietary loan modifications, or in-house loan modifications, and 31,684 homeowners received loan modifications completed under the Home Affordable Modification Program. Some homeowners didn’t qualify for long-term permanent loan modification, in which cases the mortgage servicers looked for a short term options that, in many cases, led to a permanent solution. Read More at the Housing WireNearly 650,000 borrowers to receive more money from Independent Foreclosure Review 8-8-2016The clock is now at zero for the borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements who have not yet cashed or deposited their check, and their money is going to the borrowers who already cashed their checks. The Fed said last year that borrowers who had not cashed their check had until Dec. 31, 2015 to request a replacement check. According to the Fed, the Independent Foreclosure Review Payment Agreement, overseen by the Federal Reserve and the Office of the Comptroller of the Currency, provided $3.9 billion for borrowers of 13 servicers whose homes were in any stage of the foreclosure process in 2009 or 2010. Read More at the Housing Wire